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Global Crossing Airlines (TSE:JET)
NEO-L:JET
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Global Crossing Airlines
(NEO-L:JET)
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Rating:49Neutral
Price Target:
C$1.50
▲(10.29% Upside)
Action:UpgradedDate:03/06/26
The score is primarily driven by improving operating performance and cash generation, but is materially constrained by balance-sheet risk (high debt with negative equity) and continued net losses (negative P/E). Technical signals add additional caution due to extreme/flat indicator readings and lack of trend confirmation.
Positive Factors
Revenue Growth
The consistent revenue growth indicates expanding market reach and successful execution of business strategies, enhancing long-term prospects.
ACMI Business Expansion
The strong growth in ACMI revenue shows a robust demand for their services, positioning the company well in a lucrative market segment.
Operational Efficiency
Increased block hours flown reflect operational efficiency and strong market demand, supporting sustained business growth.
Negative Factors
High Leverage
High leverage poses financial risks, potentially limiting the company's ability to invest in growth and manage economic downturns.
Decline in Charter Revenue
The decline in charter revenue indicates challenges in this segment, which could impact overall revenue diversification and stability.
Increased Operating Expenses
Rising operating expenses, driven by fleet expansion, may pressure margins and affect profitability if not managed effectively.
Global Crossing Airlines (JET) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$69.11M
Dividend YieldN/A
Average Volume (3M)10.01K
Price to Earnings (P/E)―
Beta (1Y)N/A
Revenue Growth16.18%
EPS Growth87.47%
CountryCA
Employees678
SectorIndustrials
Sector Strength72
IndustryAirlines, Airports & Air Services
Share Statistics
EPS (TTM)-0.04
Shares Outstanding51,725,365
10 Day Avg. Volume10,010
30 Day Avg. Volume10,010
Financial Highlights & Ratios
PEG Ratio0.18
Price to Book (P/B)-1.20
Price to Sales (P/S)0.14
P/FCF Ratio2.14
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.15
Revenue Forecast (FY)C$416.98M
Global Crossing Airlines Business Overview & Revenue Model
Company DescriptionGlobal Crossing Airlines Group Inc. operates in the airline business. The company operates a US Part 121 flag and charter airline using the Airbus A320 family of aircraft that provides passenger and cargo air transportation services. It also rents office spaces. It focuses to fly as an aircraft, crew, maintenance, and insurance and wet lease charter airline serving the United States, the Caribbean, and Latin American markets. The company is based in Miami, Florida.
How the Company Makes MoneyGlobal Crossing Airlines generates revenue through multiple streams, primarily from ticket sales for passenger flights and charter services. The company offers a variety of fare options, catering to different customer segments, including leisure travelers and business clients. Additionally, revenue is derived from cargo services, which utilize excess capacity on passenger flights to transport goods. Strategic partnerships with travel agencies, tour operators, and online booking platforms enhance distribution and visibility, driving additional ticket sales. Furthermore, ancillary services, such as baggage fees and onboard sales, contribute to the overall revenue, allowing the company to maximize earnings per passenger.
Global Crossing Airlines Earnings Call Summary
Earnings Call Date:Aug 13, 2025
(Q2-2025)
| Next Earnings Date:May 13, 2026
Earnings Call Sentiment Positive
The earnings call highlighted significant revenue growth and improved profitability, with strong performance in the ACMI business and record block hours flown, indicating a positive operational outlook. However, challenges such as a decline in charter revenue, a soft freight market, and increased operating expenses were noted. Overall, the highlights slightly outweigh the lowlights, indicating a cautiously optimistic sentiment.Q2-2025 Updates
Positive Updates
Revenue Growth and Improved Profitability
Revenue increased 7% year-over-year to $61.4 million, driven by higher block hours flown, aircraft fleet expansion, and increased ACMI business. Net income improved to $0.6 million compared to $0.3 million.
Strong Performance in ACMI Business
ACMI revenue increased 40% year-over-year to $44.5 million, now accounting for 73% of total revenue compared to 55% in the prior year quarter.
Record Block Hours Flown
The company flew a record 8,065 block hours, a 13% increase over the prior year's quarter, highlighting strong market demand and operational efficiency.
Positive Cash Flow and Liquidity
Cash flow provided by operating activities increased to $8.8 million from $0.9 million. Ended the quarter with $14.1 million in cash and restricted cash.
Strategic Fleet Expansion
Expanded fleet with acquisition of Airbus A320 and lease agreements for 4 Airbus A319 aircraft, enhancing operational capacity by over 20%.
Negative Updates
Decline in Charter Revenue
Charter revenue decreased to $15.3 million from $24.6 million in the same quarter last year, now representing 25% of total revenue compared to 43% in the prior year quarter.
Soft Freight Market
Continued soft demand in the cargo operations sector, consistent with broader industry trends, affecting the performance of the cargo fleet.
Increased Operating Expenses
Total operating expenses rose to $58.1 million from $55 million, driven by higher maintenance and personnel costs associated with fleet expansion.
Company Guidance
During the second quarter of 2025, Global Crossing Airlines reported strong financial performance with a 7% year-over-year revenue increase to $61.4 million. This growth was driven by a record 8,065 block hours flown and an expansion in the aircraft fleet, enhancing their capacity to meet rising demand. The company achieved a significant 40% increase in ACMI revenue, which now comprises 73% of total revenue, compared to 55% in the same period the previous year. They also improved their cash flow from operating activities to $8.8 million, up from $0.9 million, and net income increased to $0.6 million. The introduction of a hybrid ownership model through the acquisition and leasing of aircraft is expected to support future growth. Additionally, Global Crossing successfully launched a trial ACMI contract with DHL, which has been extended, reflecting confidence in their services. The company aims to continue its focus on operational excellence and disciplined growth, setting the stage for scaling up in 2026.Global Crossing Airlines Financial Statement Overview
Summary
Strong operating momentum with rapid revenue growth, major margin expansion, and a shift to positive EBIT/EBITDA plus positive operating and free cash flow. The score is held back by a highly stressed balance sheet (high debt and negative equity) and net income still slightly negative.Income Statement
Revenue has scaled rapidly over the last several years, with 2025 reaching ~$344M (up ~40% year over year). Profitability has improved meaningfully: gross margin expanded to ~41% in 2025 (from ~16% in 2024), and the company moved to positive EBIT and EBITDA in 2025 after losses in prior years. The key weakness is that net income remains slightly negative in 2025 (about -1.2% margin), indicating bottom-line profitability is not yet consistently achieved.58
Neutral
Balance Sheet
Leverage is a major constraint: total debt rose to ~$231M in 2025 while shareholders’ equity is negative (about -$40M), which signals accumulated losses and a thin capital cushion. With negative equity, debt-to-equity readings are not economically meaningful, but the underlying message is still elevated financial risk and limited balance-sheet flexibility despite growing assets (~$278M in 2025).22
Negative
Cash Flow
Cash generation has improved sharply. Operating cash flow turned solidly positive in 2025 (~$39M) and free cash flow was also positive (~$23M), a major step up from 2023 when both were negative. Free cash flow growth is strong off a low base, supporting liquidity and reinvestment capacity. A watch item is that cash flow strength is not yet matched by positive net income, implying earnings quality still depends on further profitability improvement.66
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 344.22M | 223.75M | 160.12M | 97.11M | 14.29M |
| Gross Profit | 141.52M | 35.38M | 11.55M | 7.24M | -6.99M |
| EBITDA | 55.15M | 18.14M | -5.40M | -8.79M | -18.78M |
| Net Income | -4.26M | -11.47M | -21.01M | -15.82M | -25.06M |
Balance Sheet | |||||
| Total Assets | 278.33M | 166.74M | 131.33M | 51.16M | 39.07M |
| Cash, Cash Equivalents and Short-Term Investments | 28.10M | 12.35M | 11.60M | 1.88M | 5.24M |
| Total Debt | 230.52M | 149.95M | 111.87M | 39.15M | 25.01M |
| Total Liabilities | 318.74M | 196.21M | 151.20M | 58.42M | 34.83M |
| Stockholders Equity | -40.48M | -29.55M | -20.09M | -7.26M | 4.25M |
Cash Flow | |||||
| Free Cash Flow | 22.81M | 853.00K | -5.42M | -8.76M | -8.73M |
| Operating Cash Flow | 39.02M | 8.07M | -1.38M | -6.85M | -8.08M |
| Investing Cash Flow | -19.96M | -9.99M | -13.19M | -1.91M | -3.34M |
| Financing Cash Flow | -10.03M | -1.71M | 26.78M | 6.23M | 18.86M |
Global Crossing Airlines Risk Analysis
Global Crossing Airlines disclosed 10 risk factors in its most recent earnings report. Global Crossing Airlines reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Global Crossing Airlines Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | C$524.04M | 7.03 | 2.09% | 0.76% | -12.42% | 69.23% | |
72 Outperform | C$5.59B | 25.57 | 10.61% | 3.13% | 15.47% | 9.40% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
61 Neutral | C$1.54B | 15.25 | 9.33% | 5.21% | 5.53% | -21.87% | |
59 Neutral | C$1.28B | 16.01 | 16.75% | 1.67% | 7.71% | 3170.43% | |
52 Neutral | $4.85B | 9.32 | -10.66% | ― | -0.09% | -109.21% | |
49 Neutral | C$69.11M | -11.43 | ― | ― | 16.18% | 87.47% |
* Industrials Sector Average
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Global Crossing Airlines
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.